Market Updates

Daily Market Update December 14, 2016

Daily market update

Early Morning Update

The Jan17 natural gas contract is trading down $0.01 at $3.46.  The Jan17 crude contract is down $0.78 at $52.20.

Summary

During Tuesday’s trading session, the natural gas prompt month contract traded as high as $3.577/MMBtu, before ultimately settling at $3.474/MMBtu, down 3.3 cents on the day. Calendar strip prices were mostly unchanged day-over-day. Although weather has proven difficult to predict, forecasts continue to have a significant impact on winter prices. The 8-14 day forecast by NOAA had predicted above average temperatures along the east coast, but yesterday’s revisions now predict above average temperatures sprawling from the east coast into the midcontinent as well. Short term forecasts still call for extreme cold conditions across most of the country and there have already been reports of well freeze-offs, so we may not see a return to higher natural gas production levels until later in the month. We are only in mid-December and cold temperatures have pushed U.S. demand levels over 100 Bcf/d again for the third time this month. The highest demand day during last winter was 123.7 Bcf.

Market Update 121416

Market Settles 121316

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